America: Land Of Debt

[WhatupG]

^ This.

I am so glad I have 0 debt right now.

When I look at relatives / friends and see the stuff they go in debt for, I just shake my head.

A gaming computer - Seriously?
A third car - WTF?
A huge ass 3D TV - whaaaaaat?

And these debts pile up. One relative spends 500$ a month on interest. And all those are small consumer loans on items/gadgets that are already broken, out of use, old... computers, game consoles, TVs, etc..

Never go into debt on consumer items. Computers, shiny gadgets, etc.. are bought with cash that I have on hand and free to spend.

::emp::

Absolutely.

Cash is king. If I don't have the money, then I simply don't buy it.

Most of the shit that people buy fails to bring them happiness anyway. I would much rather invest in future earnings potential or asset appreciation. Live off earnings/dividends/appreciation instead of enslaved by interest.

Most sheeple have no idea how much interest they end up paying over their lifetime of debt. Pure stupidity and ignorance.

 

[Mugshot]

borrow -> spend -> raise dat $14 trill debt ceiling -> borrow -> spend ->raise dat bitch again.

 

[erect]

kill the bank!!!

I still consider consumer mortgages a good thing in many cases, especially like right now when it's cheaper than renting.

Home buyers are still slaves to the fractional lending fraud. Home prices are overinflated ~90% because banks cannot actually put up the cash to back the house ... the money was magically created.

Renters have no stake and just pay retail ... great long term position

Owners have stake in a system doomed to fail

All lending should come from savings, not through monetary creation.

 

[JakeStratham]

Home buyers are still slaves to the fractional lending fraud. Home prices are overinflated ~90% because banks cannot actually put up the cash to back the house ... the money was magically created.

 

[Feydakin]

If people get in debt through their own stupidity, that's their problem. Banning things helps nothing. (and that applies to everything)

That would be cool if it stayed their problem, but it doesn't.. Housing industry, bankruptcy, welfare, unemployement, burglary, food stamps, all of these come from an inability to manage money on someone's part, yet they don't have to pay for it, we do..

 

[lukep]

That would be cool if it stayed their problem, but it doesn't.. Housing industry, bankruptcy, welfare, unemployement, burglary, food stamps, all of these come from an inability to manage money on someone's part, yet they don't have to pay for it, we do..

QFT & AMEN!